Checked on market, decided to cover short ES somewhere between 1124 & 1122 ahead of tomorrow's unemployment report and reassess after. 9:45 PM
Got stopped out of long overnight, also had sell signal. Established shorts @ ES 1119 during the day today. Market moved up today, but pattern is not clearly impulsive. Also, volume has declined over the last 3 days and is pretty low. Would seem to confirm that we are in fact building a top and should turn down. Tomorrow is monthly unemployment report @ 8:30 am (EST) which surely accounts for part of volume deficit. That's a wild card. From a wave count standpoint we could break either way, I won't go through the details of the alternates in the chart below, but bearish (preferred) count is in red and alternate bullish count is in green. From a trading standpoint, will tighten stop down to 1125.50.
